iiNet in talks to buy Netspace

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iiNet in talks to buy Netspace

Price estimates too high.

Perth ISP iiNet has confirmed it was looking at Netspace as an acquisition target but hosed down speculation it would pay up to $75 million for the company.

The Australian Financial Review reported today that a deal worth between $60 million and $75 million was anticipated within two or three weeks.

In a statement to the ASX, iiNet confirmed it had "been in discussions with several parties including Netspace".

"The discussions are at an early stage and remain incomplete, and the iiNet board has taken no decision regarding the potential acquisition," iiNet company secretary David Buckingham said.

"We [also] note that the price currently being discussed is a long way below the price range being quoted in the media.

"We have publicly stated that we are interested in sensible acquisitions in the future and as a result we are continually engaged in assessing strategic options and regularly hold discussions with industry participants - often associated with a potential takeover."

iiNet's last major ISP purchase was $81 million for Westnet in May 2008.

A spokesman for Netspace said it made "good business sense for Netspace, on behalf of its owners, to consider all relevant opportunities put forward to us."

"However, despite media speculation brought to our attention today, it is business as usual for Netspace at this time," they said.

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